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A popular South Korean group in the entertainment industry, K-pop has entered into a partnership with the crypto firm, Binance.
NFTs are not new to the entertainment industry, as many artists in the music industry have converted their albums into NFTs.
Both parties are looking to establish an economically friendly and supportive network for NFT partnership in the future.
The collaboration between K-Pop and Binance
As part of the deal for the team work, the exchange firm is to provide the platform for which the NFT will be launched and the technology tools and framework. The K-pop group will give various content for the NFT and gaming collectibles.
The goal of the South Korean group is to be part of the metaverse, which will be a digital representation of the physical world. Other companies and industries are taking their seat in the metaverse dream; why can’t K-pop?
Details of the understanding states that Binance will be given access and rights to make digital assets according to the properties these artists own.
While speaking to the press, Helen Hai, the global leader of Binance, said the firm would work with these artists to create an eco-friendly ecosystem for NFTs. Promoting the use of blockchain is very important, Hai stated.
The CEO of YG company, Kyung Hwang, acknowledged Hai’s comment adding that Binance hopes they made the dream a reality.
K-pop and Non-fungible Tokens
K-pop which stands for Korean pop music, represents a large portion of the entertainment industry in Korea. This genre of music produces $4 billion each year. The YG group is in charge of managing various famous Korean stars such as Big Bang and Blackpink.
This is not the first NFT and k-pop partnership. Last November, the entertainment label, Hybe partnered with the largest operator of cryptos in Korea in charge of the exchange, Upbit. Both companies are to create and market non-fungible tokens from items that belong to the artists under Hybe.
Also, another company that is into NFTs, Animoca, will partner with CUBE firm to build a metaverse for Korean pop music.
Yes, managing some of the biggest stars in Korea, so getting followership would not be hard for the fans. Korean pop music has a lot of fans. In no time, both the NFT and K-Pop world would combine.
The loyal audience and fans following k-pop would make a lot of money if the audios and musicals were released. Let’s see if the deal will work out well for both parties.
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